Montana Board of Investments is big on 5 private equity, real estate funds
By Kevin Olsen | November 8, 2012 2:36 pm
Montana Board of Investments, Helena, committed a total of $105 million to five private equity and real estate funds since its August board meeting, according to documents prepared for the board's Nov. 13-14 meeting.
It committed $25 million to Sterling Partners IV, a buyout fund, and $20 million each to Audax Private Equity Fund IV and NB Strategic Co-Investment Partners II, buyout funds managed by Audax Group and NB Private Equity Partners, respectively. The board previously committed $35 million to the first NB fund.
The board, which oversees $8.1 billion in pension assets, also committed $20 million each to The Realty Associates Fund X and CBRE Strategic Partners U.S. Value 6, value-added real estate funds. It committed $20 million each to the two predecessor Realty Associates funds.
It also made an additional $10 million commitment to Dover Street VIII, a secondary private equity fund managed by HarbourVest Partners. The board committed $10 million to the fund earlier this year. It has also committed $20 million to Dover Street VII and $41.8 million total to two other HarbourVest funds.
Separately, the board terminated Batterymarch Financial Management, which ran $110 million in active international large-cap core equity, and BlackRock (BLK), which managed a $106 million international alpha tilts strategy. The combined assets were moved into BlackRock's ACWI ex-U.S. Superfund A passive strategy, which now totals $815 million.
The move was the first step in restructuring the international equity portfolio; the board approved at its Aug. 21-22 meeting increasing passive investments and eliminating active large-cap core strategies in favor of active style-based large caps.